Planning Is Not Required in an Audit as Long as an Audit

question 30

True/False

Planning is not required in an audit as long as an audit program has been developed.

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Definitions:

Trial Balance

A bookkeeping report that lists the balances of all ledgers in two columns, debits and credits, to verify the arithmetic accuracy of the entries.

Goodwill

An intangible asset representing the excess value of a purchased company over the fair market value of its identifiable tangible and intangible assets.

Consideration Transferred

The total value of all assets, liabilities, and equity interests given to acquire control of an entity.